Obligation AZ Bank 0% ( DE000A0GN869 ) en EUR

AZ Bank

100 % ▼

Allemagne

DE000A0GN869 ( en EUR )

Perpétuelle

Prospectus brochure de l'obligation DZ BANK DE000A0GN869 en EUR 0%, échéance Perpétuelle

DZ Bank est une banque coopérative allemande, principalement active dans les domaines de la banque de financement et d'investissement, de la gestion d'actifs et des services bancaires aux particuliers et aux entreprises.

L'Obligation émise par AZ Bank ( Allemagne ) , en EUR, avec le code ISIN DE000A0GN869, paye un coupon de 0% par an.
Le paiement des coupons est trimestriel et la maturité de l'Obligation est le Perpétuelle

Base Prospectus
dated 16 July 2010

DZ BANK Perpetual Funding Issuer (Jersey) Limited
(St Helier, Jersey, Channel Islands)

EUR 1,000,000,000
Programme for the Issuance of Tier I Perpetual Limited Recourse Securities
(the "Programme")

Application has been made to the Luxembourg Stock Exchange for the Tier I Perpetual Limited Recourse Securities (the "Notes") to be
issued under this Programme to be admitted to trading on the Regulated Market "Bourse de Luxembourg" which is a regulated market for
the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments
amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and
repealing Council Directive 93/22/EEC (the "MIFID Directive"), and to be listed on the Official List of the Luxembourg Stock Exchange.
Notes issued under the Programme may also be listed on an alternative stock exchange or may not be listed at all.

The Issuer has requested the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the "CSSF") in its
capacity as competent authority under the Luxembourg Law of 10 July 2005 regarding prospectuses for securities (Loi du 10 juillet 2005
relative aux prospectus pour valeurs mobilières) (the "Luxembourg Prospectus Law"), which implements Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003 (the "Prospectus Directive"), to approve this Tier I Perpetual Limited
Recourse Securities Programme Prospectus (hereinafter referred to as the "Prospectus") and to provide the competent authorities in the
Federal Republic of Germany, the Republic of Austria, the Republic of Ireland, the Kingdom of the Netherlands, and the United Kingdom of
Great Britain and Northern Ireland with a certificate of approval attesting that this Prospectus has been drawn up in accordance with the
Luxembourg Prospectus Law (each a "Notification"). This Prospectus is a base prospectus for the purposes of Article 5.4 of the Prospectus
Directive. The Issuer may request the CSSF to provide competent authorities in additional host Member States within the European
Economic Area with a Notification.

Arranger

DZ BANK AG

Dealer

DZ BANK AG

This Prospectus and all documents incorporated herein by reference will be published in electronic form on the website of the Luxembourg
Stock Exchange (www.bourse.lu). This Prospectus is valid for a period of twelve months from its publication date.

The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, and are subject to tax law
requirements of the United States of America; subject to certain exceptions, Notes may not be offered, sold or delivered within the United
States of America or to U.S. persons.

Interests in a Temporary Global Note will be exchangeable, in whole or in part, for interests in a Global Note on or after the date 40 days
after the later of the commencement of the offering and the relevant issue date (the "Exchange Date"), upon certification as to non-U.S.
beneficial ownership.
2

Table of Contents
Page
Responsibility Statement .................................................................................................................................................... 5
Notice .................................................................................................................................................................................. 5
General ............................................................................................................................................................................................... 5
Glossary .............................................................................................................................................................................................. 8
German Translation of the Glossary ...................................................................................................................................................... 16
General Description of the Programme .............................................................................................................................. 25
General ............................................................................................................................................................................................... 25
Issue Procedures.................................................................................................................................................................................. 25
Issue Structure..................................................................................................................................................................................... 26
Summary .............................................................................................................................................................................. 28
Risk Factors ......................................................................................................................................................................................... 28
DZ BANK Perpetual Funding Issuer (Jersey) Limited (the "Issuer")......................................................................................................... 35
Tier I Perpetual Limited Recourse Securities (the "Notes") .................................................................................................................... 36
DZ BANK Perpetual Funding (Jersey) Limited (the "Company")............................................................................................................. 47
DZ BANK............................................................................................................................................................................................. 48
Selling Restrictions .............................................................................................................................................................................. 53
German Translation of the Summary................................................................................................................................... 54
Risk Factors.......................................................................................................................................................................... 82
General ............................................................................................................................................................................................... 82
Regarding DZ BANK Perpetual Funding Issuer (Jersey) Limited (the "Issuer") ........................................................................................ 82
Regarding the Tier I Perpetual Limited Recourse Securities (the "Notes") .............................................................................................. 82
Regarding DZ BANK Perpetual Funding (Jersey) Limited (the "Company") ............................................................................................ 93
Regarding DZ BANK and the DZ BANK Group ...................................................................................................................................... 93
DZ BANK Perpetual Funding Issuer (Jersey) Limited (the "Issuer").................................................................................... 96
General Information ............................................................................................................................................................................ 96
Corporate Information ......................................................................................................................................................................... 96
Shares........................................................................................................................................................................................... 96

Directors and Officers of the Issuer................................................................................................................................................. 96
Business Activities ............................................................................................................................................................................... 97
Principal
Activities.......................................................................................................................................................................... 97

Financial Statements and Financial Year ......................................................................................................................................... 97
Independent
Auditors .................................................................................................................................................................... 99

Legal and Arbitration Proceedings.................................................................................................................................................. 99

Principal Establishments and Real Estate Owned ............................................................................................................................ 99
Material Contracts............................................................................................................................................................................... 99
Investments......................................................................................................................................................................................... 99
Recent Developments and Outlook ...................................................................................................................................................... 99
Principal Banker .................................................................................................................................................................................. 100
Documents on Display ......................................................................................................................................................................... 100
DZ BANK Perpetual Funding (Jersey) Limited (the "Company")......................................................................................... 101
General Information ............................................................................................................................................................................ 101
Corporate Information ......................................................................................................................................................................... 101
Shares........................................................................................................................................................................................... 101

Directors and Officers of the Company ........................................................................................................................................... 101
Business Activities ............................................................................................................................................................................... 102
Principal
Activities.......................................................................................................................................................................... 102

Financial Statements and Financial Year ......................................................................................................................................... 102
Independent
Auditors .................................................................................................................................................................... 101

Legal and Arbitration Proceedings.................................................................................................................................................. 104

Principal Establishments and Real Estate Owned ............................................................................................................................ 104
Material Contracts............................................................................................................................................................................... 104
Investments......................................................................................................................................................................................... 104
Recent Developments and Outlook ...................................................................................................................................................... 104

3

Principal Banker .................................................................................................................................................................................. 105
Documents on Display ......................................................................................................................................................................... 105
DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main ........................................................................ 106
History and Development..................................................................................................................................................................... 106
Business Overview............................................................................................................................................................................... 108
Principal
Activities.......................................................................................................................................................................... 108
Principal
Markets........................................................................................................................................................................... 110
Organisational Structure ...................................................................................................................................................................... 110
Trend Information................................................................................................................................................................................ 111
Management and Supervisory Bodies................................................................................................................................................... 112
Major Shareholders ............................................................................................................................................................................. 116
Financial Information concerning DZ BANK's Assets and Liabilities, Financial Position and Profits and Losses ......................................... 116

Historical Financial Information ...................................................................................................................................................... 116

Auditing of Historical Annual Financial Information ........................................................................................................................ 118

Legal and Arbitration Proceedings.................................................................................................................................................. 118

Statement of "Significant Change in DZ BANK's Financial Position"................................................................................................ 118
Material Contracts............................................................................................................................................................................... 118
Documents on Display ......................................................................................................................................................................... 119
Terms and Conditions of the Tier I Perpetual Limited Recourse Securities (the "Notes") ................................................. 120
English Language Version .................................................................................................................................................................... 120
German Language Translation.............................................................................................................................................................. 120
Form of Definitions Schedule of the Notes ......................................................................................................................... 192
English Language Version .................................................................................................................................................................... 192
German Language Translation.............................................................................................................................................................. 192
Form of Final Terms.............................................................................................................................................................. 206
Forms of Subordinated Support Undertaking ..................................................................................................................... 239
Type A
English
Language
Version .............................................................................................................................................................. 239
German
Language
Translation........................................................................................................................................................ 246
Type B
English
Language
Version .............................................................................................................................................................. 250
German
Language
Translation........................................................................................................................................................ 257
Description of Documents relating to the Issue Structure ................................................................................................. 261
Securities issued by the Company ........................................................................................................................................................ 261
Preferred
Securities........................................................................................................................................................................ 261
Parent
Preferred
Securities ............................................................................................................................................................. 267
Ordinary
Shares ............................................................................................................................................................................. 267
Initial Debt Securities ........................................................................................................................................................................... 268
Subordinated Support Undertaking ...................................................................................................................................................... 270
Collateral Agency Agreement ............................................................................................................................................................... 271
Regulation ........................................................................................................................................................................... 273
Taxation ............................................................................................................................................................................... 283
General Information ............................................................................................................................................................ 295
Selling Restrictions .............................................................................................................................................................................. 295
Use of Proceeds................................................................................................................................................................................... 298
Listing and Admission to Trading .......................................................................................................................................................... 298
Interest of Natural and Legal Persons involved in the Issue/Offer........................................................................................................... 299
Authorisations..................................................................................................................................................................................... 299
Other Confirmations ............................................................................................................................................................................ 299
Documents incorporated by Reference ............................................................................................................................... 300
Availability of Documents ................................................................................................................................................... 306
Names and Addresses.......................................................................................................................................................... 307
4

Responsibility Statement of Issuer, Company and DZ BANK
DZ BANK Perpetual Funding Issuer (Jersey) Limited (the "Issuer") with its registered office at 26 New Street, St Helier, Jersey JE2 3RA,
Channel Islands, DZ BANK Perpetual Funding (Jersey) Limited (the "Company") with its registered office at 26 New Street, St Helier, Jersey
JE2 3RA, Channel Islands, and DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, with its registered office in
Frankfurt am Main, Federal Republic of Germany ("DZ BANK") as parent company of the DZ BANK Group, the ultimate beneficiary of the
Programme, are solely responsible for the information given in this Prospectus, provided that the Issuer and the Company are not
responsible for the description of DZ BANK (commencing on p. 106), including the Risk Factors in respect of DZ BANK (commencing on
p. 93) and the related parts of the Summary.
The Issuer, the Company and DZ BANK declare that, having taken all reasonable care to ensure that such is the case, the information
contained in this Prospectus for which each of them is responsible is, to the best of its respective knowledge, in accordance with the facts
and contains no omission likely to affect their import.
Notice
ANY INVESTMENT IN NOTES ISSUED UNDER THIS PROGRAMME INVOLVES CERTAIN RISKS. FOR A GENERAL DESCRIPTION
OF THE RISKS INVOLVED, PLEASE SEE THE "RISK FACTORS" SECTION BEGINNING ON PAGE 82.
I. General
This Prospectus should be read and understood in conjunction with any supplement to this Prospectus and with any other document
incorporated herein by reference. Full information on the Issuer and any Tranche of Notes is only available on the basis of the combination of
the Prospectus, any supplement to the Prospectus and the relevant Final Terms (the "Final Terms").
In the following text "Dealers" means the Dealers as set forth on the cover page and any other person appointed as a dealer in respect of
one or more Series or Tranches of Notes from time to time in relation to the Programme.
The Issuer accepts responsibility for the information contained in this Prospectus, as set out in more detail in the Responsibility Statement in
this Prospectus, and has confirmed to the Dealers that this Prospectus contains all information with regard to the Issuer and the Notes which
is material in the context of the Programme and the issue and offering of Notes thereunder; that the information contained herein with
respect to the Issuer, the Company and DZ BANK as ultimate beneficiary of the Programme and the Notes is accurate in all material respects
and is not misleading; that any opinions and intentions expressed herein with respect to the Issuer and the Notes are honestly held; that
there are no other facts with respect to the Issuer or the Notes the omission of which would make this Prospectus as a whole or any of such
information or the expression of any such opinions or intentions misleading; and that the Issuer has made all reasonable enquiries to
ascertain all facts material for the purposes aforesaid.
The Issuer has undertaken with the Dealers to publish a supplement to this Prospectus or publish a new prospectus if and when the
information herein should become materially inaccurate or incomplete or in the event of any significant new factor, material mistake or
inaccuracy relating to the information included in this Prospectus which is capable of affecting the assessment of the Notes and, where
approval by the CSSF of any such document is required, to have such document approved by the CSSF.
No person has been authorised to give any information which is not contained in, or not consistent with, this Prospectus or any other
document entered into or any other information supplied by the Issuer in connection with the Programme and, if given or made, such
information must not be relied upon as having been authorised by the Issuer, the Dealers or any of them.
Neither DZ BANK in its capacity as arranger of the Programme (the "Arranger") nor any Dealer nor any other person mentioned in this
Prospectus, excluding the Issuer, the Company and DZ BANK as parent company of the DZ BANK Group, the ultimate beneficiary of the
Programme, is responsible for the information contained in this Prospectus or any supplement to this Prospectus, or any Final Terms or any
other document incorporated herein by reference, and accordingly and to the extent permitted by the laws of any relevant jurisdiction, none
of these persons accepts any responsibility for the accuracy and completeness of the information contained in any of these documents.
This Prospectus is valid for twelve months following the publication date and this Prospectus and supplement to this Prospectus as well as
any Final Terms reflect the status as at their respective dates of issue. The delivery of this Prospectus, any supplement to this Prospectus and
any Final Terms and the offering, sale or delivery of any Notes may not be taken as an implication that the information contained in such
documents is accurate and complete subsequent to their respective dates of issue or that there has been no adverse change in the financial
situation of the Issuer since such date or that any other information supplied in connection with the Programme is accurate at any time
subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same.

5

The distribution of this Prospectus, any supplement to this Prospectus and any Final Terms and the offering, sale and delivery of Notes in
certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus, any supplement to this Prospectus and any
Final Terms come are required to inform themselves about and observe any such restrictions. For a description of restrictions applicable in
the Member States of the European Economic Area in general, the United States of America, the United Kingdom, Japan, the Republic of
Singapore and Hong Kong, see "Selling Restrictions".
IN PARTICULAR, THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED, AND ARE SUBJECT TO TAX LAW REQUIREMENTS OF THE UNITED STATES OF AMERICA; SUBJECT TO
CERTAIN EXCEPTIONS, NOTES MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OF AMERICA OR TO
U.S. PERSONS.
The language of this Prospectus is English. Any part of this Prospectus in the German language constitutes a translation. In respect of the
issue of any Tranche of Notes under the Programme, the German text of the Conditions may be controlling and binding if so specified in the
Final Terms. The Issuer confirms that, in such case, the non-binding English text of the Conditions correctly and adequately reflects the
binding German language version of the Conditions.
This Prospectus may only be used for the purpose for which it has been published.
This Prospectus, any supplement to this Prospectus and any Final Terms may not be used for the purpose of an offer or
solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it
is unlawful to make such an offer or solicitation.
This Prospectus, any supplement to this Prospectus and any Final Terms do not constitute an offer or an invitation to any
person to subscribe for or to purchase any Notes.
In connection with the issue of any Tranche of Notes under the Programme, the Dealer or Dealers (if any) named as the
stabilising manager(s) (or persons acting on behalf of any stabilising manager(s)) (the "Stabilising Manager(s)") in the
applicable Final Terms may over-allot Notes or effect transactions with a view to supporting the price of the Notes at a
level higher than that which might otherwise prevail. However, there is no assurance that the Stabilising Manager(s) (or
persons acting on behalf of a Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin
on or after the date on which the adequate public disclosure of the terms of the offer of the relevant Tranche of the
Notes is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the
issue date and 60 days after the date of the allotment of the relevant Tranche of Notes. Any stabilisation action or over-
allotment must be conducted by the relevant Stabilising Manager(s) (or person(s) acting on behalf of any Stabilising
Manager(s)) in accordance with all applicable laws and rules.
Prior to the offering, sale or issue of any Notes under the Programme, the Jersey Financial Services Commission (the
"Commission") will have given, and will not have withdrawn, its consent under Article 4 of the Control of Borrowing
(Jersey) Order 1958, as amended (the "Control of Borrowing Order") to the entry into and/or the issue of Notes by the
Issuer. The Commission is protected by the Control of Borrowing (Jersey) Law 1947, as amended, against liability arising
from the discharge of its functions under that law.
Prior to the offering, sale or issue of any Notes under the Programme, a copy of this document will have been delivered
to the Jersey Registrar of Companies in accordance with Article 5 of the Companies (General Provisions) (Jersey) Order
2002. Prior to the offering, sale or issue of any Notes under the Programme, the Jersey Registrar of Companies will have
given, and will not have withdrawn, his consent to its circulation. It must be distinctly understood that, in giving these
consents, neither the Jersey Registrar of Companies nor the Commission will take any responsibility for the financial
soundness of the Issuer or for the correctness of any statements made, or opinions expressed, with regard to them.
The investments described in this Prospectus do not constitute a collective investment fund for the purpose of the
Collective Investment Funds (Jersey) Law 1998, as amended on the basis that they are investment products designed for
investors with the requisite knowledge of, and experience of investing in, such investments, who are capable of
evaluating the risks involved in making such investments and who have an asset base sufficiently substantial as to
enable them to sustain any loss that they might suffer as a result of making such investments. These investments are not
regarded by the Commission as suitable for any other type of investor.
It should be remembered that the price of securities and the income from them can go down as well as up.
An investment in the Notes is only suitable for financially sophisticated investors who are capable of evaluating the
merits and risks of such instrument and who have sufficient resources to be able to bear any losses which may result
from such investment.
If you are in any doubt about the contents of this Prospectus you should consult your stockbroker, bank manager,
solicitor, accountant or other financial adviser.
6

In this Prospectus, all references to "U.S. Dollars" are to the currency of the United States of America, all references to "", "EUR" or
"Euro" are to the single currency of certain member states of the European Union, and all references to "Sterling" and "£" are to the
lawful currency of the United Kingdom.

7

II. Glossary
All references herein to any law, regulation, agreement, deed, instrument, prospectus or other document (including any schedules, exhibits,
appendices or reference deeds thereto) shall be construed as a reference to that law, regulation, agreement, deed, instrument, prospectus or
document as amended, supplemented, restated, superseded or replaced from time to time, and, in relation to a law, including any successor
legislation.
"Account Bank" means such bank acting as account bank with respect to a specific Series and specified in the relevant Drawdown Notice
and/or from time to time be appointed by the Issuer in relation to a Series in accordance with the Collateral Agency Agreement and the
relevant Conditions.
"Additional Amounts" means any additional amounts payable by the Company pursuant to the Statement of Rights of the relevant Class
of Preferred Securities or by the Issuer pursuant to the Conditions of the relevant Series of Notes as a result of deduction or withholding of
payments thereon.
"Additional Debt Securities" means any subordinated notes issued by DZ BANK in excess of, and on the same terms as, the Initial Debt
Securities of a series or following the issuance of Substitute Debt Securities of a series any subordinated notes issued by the issuer of such
Substitute Debt Securities in excess of, and on the same terms as, the Substitute Debt Securities of such series. Upon the issuance of any
Additional Debt Securities of a series, the terms set forth herein which apply or refer to the Initial Debt Securities and/or the Substitute Debt
Securities shall apply or refer in the same manner to such Additional Debt Securities.
"Additional Interest Amounts" means any additional amounts payable by the obligor of the Debt Securities or the Permitted
Investments pursuant to the terms of the Debt Securities or the Permitted Investments as a result of deduction or withholding of payments
thereon.
"Additional Preferred Securities" means additional non-voting non-cumulative preference shares of the same Class issued pursuant to
the Articles of Association, with an aggregate Denomination corresponding to the aggregate denomination of the Additional Debt Securities.
Upon the issuance of any Additional Preferred Securities, the terms set forth herein which apply or refer to the Preferred Securities shall
apply or refer in the same manner to the Additional Preferred Securities.
"Administrative Action" means any judicial decision, official administrative pronouncement, published or private ruling, regulatory
procedure, notice or announcement (including any notice or announcement of intent to adopt such procedures or regulations) by any
legislative body, court, governmental authority or regulatory body.
"Affiliate" means any subsidiary of DZ BANK according to §§ 290 et seq. of the German Commercial Code or other applicable German
law then in effect.
"Agency Agreement" means the amended and restated agency agreement in relation to this Programme dated 16 July 2010 and made
between the Issuer, the Company, DZ BANK and the Agents named therein.
"Agio" means, in relation to a particular Class of Preferred Securities, the difference between the Denomination and the Liquidation
Preference Amount of such Class.
"Arranger" means DZ BANK and any company appointed to the position of arranger for the Programme.
"Articles of Association" means the Company's memorandum of association and articles of association.
"BaFin" means the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht).
"Basel II " means the revised framework for International Convergence of Capital Measurement and Capital Standards, dated June 2004,
and published by the Basel Committee.
"Basel Committee" means the Basel Committee on Banking Supervision at the BIS.
"BIS" means the Bank for International Settlements.
"Board of Directors" means the board of directors of the Company or any duly authorised committee thereof.
"Business Day" has the meaning specified in the relevant Final Terms.
"C Rules" means the rules set out in U.S. Treas. Reg. §1.163-5(c)(2)(i)(C).
"Calculation Agent" means the agent specified as such (if any) under the terms of a specific Series of Notes, the corresponding Class of
Preferred Securities and the corresponding Debt Securities.
"CBF" means Clearstream Banking AG, Frankfurt am Main, Federal Republic of Germany, or any successor thereof.
"CBL" means Clearstream Banking, société anonyme, Luxembourg, Grand Duchy of Luxembourg, or any successor thereof.
"Class" means a class of Preferred Securities.
8

"Collateral Agency Agreement" means the amended and restated collateral agency agreement dated 16 July 2010 and made, inter alia,
between the Issuer, the Company, DZ BANK and Deutsche Bank AG, London Branch as Collateral Agent.
"Collateral Agent" means Deutsche Bank AG, London Branch or such other person acting as Collateral Agent with respect to a specific
Series of Notes and specified in the relevant Drawdown Notice and/or from time to time be appointed by the Issuer in relation to a Series of
Notes in accordance with the Collateral Agency Agreement and the relevant Conditions.
"Company" means DZ BANK Perpetual Funding (Jersey) Limited, a subsidiary of DZ BANK, incorporated in Jersey and organised under the
Companies (Jersey) Law 1991.
"Company Operating Profits" means, for any Payment Period and in relation to a particular Class of Preferred Securities, the excess of
(a) the amounts payable (whether or not paid) to the Company on (i) the series of Debt Securities relating to such Class of Preferred
Securities or (ii) after the maturity date of such series of Debt Securities on the Permitted Investments that the Company may then hold in
accordance with its Articles of Association during such Payment Period, over (b) any operating expenses of the Company not paid or
reimbursed by DZ BANK during such Payment Period.
The "Company Operating Profits Test " is met in respect of any Payment Date and in relation to a particular Class of Preferred Securities
if there are Company Operating Profits in respect of the relevant Class of Preferred Securities for the Payment Period ending on the day
immediately preceding such Payment Date in an amount at least equal to the amount of the Dividends to be paid on such Payment Date on
such Class of Preferred Securities.
The "Company Solvency Test" is met in respect of any Payment Date and in relation to a particular Class of Preferred Securities where
the Board of Directors of the Company has made a statement (the "Solvency Statement") that the Board of Directors is of the opinion
that, immediately following the date on which the Dividend is proposed to be paid, the Company will be able to discharge its liabilities as
they fall due and that having regard to the prospects of the Company and to the intentions of the Board of Directors of the Company with
respect to the management of the Company's business and the amount and character of the financial resources that will in their view be
available to the Company, the Company will be able to (a) continue to carry on business; and (b) discharge its liabilities as they fall due, until
the expiry of the period of twelve months immediately following the date on which the Dividend is proposed to be paid or until the
Company is dissolved whichever first occurs, provided that the Board of Directors shall not without reason refuse to make the Solvency
Statement if the Company Operating Profits Test is fulfilled.
"Conditions" means the terms and conditions of a specific Series and Tranche of Notes, including the relevant Definitions Schedule.
"D Rules" means the rules set out in U.S. Treas. Reg. §1.163-5(c)(2)(i)(D).
"DBRS" means DBRS (Europe) Limited.
"Dealer Agreement" means the amended and restated dealer agreement in relation to this Programme dated 16 July 2010 and made
between the Issuer, the Company, DZ BANK and the Dealers named therein.
"Dealers" means, in relation to the Programme, all Permanent Dealers and all persons appointed as a dealer in respect of one or more
Series or Tranches of Notes.
"Debt Securities" means each series of Initial Debt Securities and each series of Substitute Debt Securities. Unless the context clearly
requires otherwise, references to Debt Securities include Additional Debt Securities.
"Deemed Declaration" means a declaration of a Dividend deemed to have been made by the Board of Directors upon fulfilment of
conditions specified therefor in the relevant Statement of Rights. Such Deemed Declaration will be equivalent to a declaration of Dividends
by the Board of Directors, and references to a "declared Dividend" will include such Deemed Declaration.
"Deemed Declaration Parity Securities" means (i) each class of the most senior ranking preference shares of DZ BANK, if any, and (ii)
preference shares or any other instrument of any Affiliate the distributions on which are linked to (x) a dividend payment by DZ BANK, and
(y) a balance sheet profit (Bilanzgewinn) test or net income (Jahresüberschuss) test at the level of DZ BANK on an unconsolidated basis or at
the level of the Group on a consolidated basis, and (z) a capital adequacy test at the level of DZ BANK on an unconsolidated basis or at the
level of the Group on a consolidated basis.
"Defined Retained Earnings" means, in relation to any financial year of DZ BANK, (i) the Group Annual Profits minus (ii) the DZ BANK
Dividend Payment paid during such financial year to the common shareholders of DZ BANK in relation to the previous financial year and
minus (iii) the dividends paid to minority shareholders of the fully consolidated subsidiaries of DZ BANK during such financial year as
published in the statement of structure and movement in equity (Eigenkapitalspiegel) in the audited (geprüft) and approved (gebilligt)
consolidated financial statements of DZ BANK for such financial year.
"Denomination" means, in relation to a particular Class of Preferred Securities, an amount per Preferred Security equal to the aggregate
of the Liquidation Preference Amount and the Agio (if an Agio applies) determined by the Board of Directors and specified as such in the
applicable Statement of Rights.
"Dividend Accrual Commencement Date" means the date as determined by the Board of Directors and specified as such in the
relevant Statement of Rights.

9

"Dividends" means periodic distributions to holders of the Preferred Securities pursuant to the relevant Statement of Rights of the
Preferred Securities.
"Drawdown Notice" means the Drawdown Notice in relation to each Series and/or Tranche of Notes made between the Issuer, the
Company, DZ BANK, the Collateral Agent and, if applicable, other persons specified therein, supplemental to the Collateral Agency
Agreement.
"DZ BANK" means DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, a stock corporation incorporated under the
laws of the Federal Republic of Germany.
"DZ BANK Annual Profits" means, for any financial year of DZ BANK, the net income or loss (Jahresüberschuss/Jahresfehlbetrag) as at
the end of such financial year, as shown in the audited and determined (festgestellt) unconsolidated financial statements of DZ BANK as at
the end of such financial year as determined in accordance with the provisions of the German Stock Corporation Act and German GAAP and
as described in the German Commercial Code and other applicable German law then in effect.
The "DZ BANK Annual Profits Test" is met in respect of any Payment Date if there are DZ BANK Annual Profits for the financial year of
DZ BANK immediately preceding such date for which DZ BANK's shareholders' meeting (Hauptversammlung) has resolved on the
appropriation of profits at least equal to the sum of (i) the amount of Dividends payable and already paid in such financial year under the
relevant Class of Preferred Securities and (ii) capital payments or dividends or other distributions or payments on Parity Securities already
paid in such financial year or payable on such Payment Date, in each case on the basis of such DZ BANK Annual Profits.
"DZ BANK Distributable Profits" means, for any financial year of DZ BANK, the balance sheet profit (Bilanzgewinn) as at the end of
such financial year, as shown in the audited and determined (festgestellt) unconsolidated financial statements of DZ BANK as at the end of
such financial year. Such balance sheet profit includes the net income or loss (Jahresüberschuss/Jahresfehlbetrag), plus any profit carried
forward from previous years, minus any loss carried forward from previous years, plus transfers made by DZ BANK, in its discretion, from
capital reserves and surplus reserves, minus allocations made by DZ BANK, in its discretion, to surplus reserves, all as determined in
accordance with the provisions of the German Stock Corporation Act and German GAAP as described in the German Commercial Code and
other applicable German law then in effect.
The "DZ BANK Distributable Profits Test" is met in respect of any Payment Date if DZ BANK has an amount of DZ BANK Distributable
Profits for the financial year of DZ BANK immediately preceding such date for which DZ BANK's shareholders' meeting (Hauptversammlung)
has resolved on the appropriation of profits at least equal to the sum of (i) the amount of Dividends payable and already paid in such
financial year under the relevant Class of Preferred Securities and (ii) capital payments or dividends or other distributions or payments on
Parity Securities already paid in such financial year or payable on such Payment Date, in each case on the basis of such DZ BANK
Distributable Profits.
"DZ BANK Dividend Payment" for any financial year means the aggregate dividend payment paid to the common shareholders of
DZ BANK in relation to such financial year.
The "DZ BANK Dividend Payment Test" is met in respect of any Payment Date if DZ BANK has paid a DZ BANK Dividend Payment on or
prior to a Payment Date from the DZ BANK Distributable Profits for the most recent financial year for which DZ BANK's shareholders'
meeting (Hauptversammlung) has resolved on the appropriation of profits.
"DZ BANK Group" means DZ BANK and its consolidated subsidiaries in accordance with §§ 290 et seq. of the German Commercial Code
or other applicable German law then in effect.
"ECOFIN" means the Economic and Financial Affairs Council of the European Union.
"Equity Component" means, in respect of a Class of Preferred Securities, the amount corresponding to the Liquidation Ratio multiplied by
the Net Assets and divided by the aggregate number of all outstanding Preferred Securities of such Class.
"Equity-Like Obligation" means any obligation of DZ BANK (other than pursuant to a Subordinated Support Undertaking in connection
with this Programme) ranking pari passu with DZ BANK's obligation to pay liquidation proceeds to its holders of common shares in the
event of any liquidation, dissolution or winding-up of DZ BANK.
"Euroclear" means Euroclear Bank SA/NV, Brussels, Kingdom of Belgium, or any successor thereto.
"Final Terms" means, in relation to any Tranche, the final terms prepared by the Issuer and specifying the relevant issue details in relation
to such Tranche, substantially in the form set out in the Prospectus or in such other form as the Issuer and the relevant Dealer(s) may agree.
"Fiscal Agent" means Deutsche Bank Aktiengesellschaft.
"Fitch" means Fitch Deutschland GmbH.
"German Banking Act" means the German Banking Act (Gesetz über das Kreditwesen).
"German Commercial Code" means the German Commercial Code (Handelsgesetzbuch).
"German GAAP" means accounting principles generally accepted in Germany.
"German Stock Corporation Act" means the German Stock Corporation Act (Aktiengesetz).
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